CBE Requests EGP65 bln at 30th Auction of Deposit Operation

Egypt’s Central Bank (CBE) is requesting on Tuesday around 65 billion Egyptian pounds of domestic surplus liquidity from local banks in the 30th auction for Deposit Operations with 8.75% interest and 7-day maturity.

CBE had already accepted around EGP 65 billion from banks in an auction for deposit operations last week, out of EGP 109.9 billion offered from banks.

The value of domestic liquidity obtained by CBE from banks since early April totaled EGP 1.045 trillion through 29 auctions.

The central bank aims through this system to absorb excess liquidity in the local market.